Orange
County’s median home price as of November 2015
was $623,000, an increase of $42,000 year-over-year
from November 2014’s level of $581,000. Home
prices in Orange County have recently been fluctuating
between $610,000 and $615,000 since May 2015
making this most recent November 2015 reading
the highest home price recorded since April 2015.
While remaining steady, these fluctuations likely
stem from continually shifting economic trends
including the Fed’s looming interest rate hike,
mixed construction employment, and shifting permit
levels. In the future, Orange County may continue
to face a shortage of qualified buyers as a lack
of wage growth and high cost of living keep some
families from purchasing and instead may push
them into other markets or keep them renting.

Apartment rental rates in Orange County have seen strong year-over-year growth
since 2012 and continue to climb to new heights
in 2015. The Orange County average rental rate
in October 2015 increased slightly to $1,888
– an increase of $62 compared to the previous
October and an increase of $106 compared to the
previous month. On a per-city basis, Fullerton
and Santa Ana had the highest year-over-year
growth ($402 and $73, respectively) while Irvine
and Huntington Beach saw large declines of $353
and $237 year-over-year, respectively. On a month-to-month
basis, Santa Ana, Fullerton and Irvine all saw
large increases of $548, $220 and $201, respectively;
while Huntington Beach and Anaheim saw large
decreases of $272 and $151for the same time period,
respectively.

Orange County Building permit activity in October 2014 hit landmark highs with
1,892 permits granted during the month. November
2015 experienced a slight decrease in new permits
issued with 656 new permits recorded in the county
for the month, a decrease of 6 permits since
October 2015 and a decrease of 56 permits since
November 2014. Orange represented the city with
the highest amount of new permits recorded during
the month of November 2015 at 261, an increase
of 260 compared to readings for the previous
month.

Orange County’s median home price is compared to other regions,
showing the year-over-year and month-over-month change in value.

Source:
Dataquick

Average
Apartment Rents Orange County and by Major City

This indicator shows the average apartment rent for major Orange
County cities and for the county average as a whole. The county
average as a whole is not the average of the seven cities shown
in this chart but for all the cities in Orange County.